Renters Insurance 101 Explained
Have you bought a house recently or are planning to soon? You might want to talk to an insurance agent before you move in! It's important that everyone has renters insurance, but it can be difficult for those who don't know how it works. That's why this blog post is here, with information on what renters insurance is and how to sign up easily! This guide will answer all of your questions and help make the process much smoother. Stay informed so you're protected the next time disaster strikes!
Renters Insurance 101 Explained by Max at Your Money Matters
My name is Max, and I am an insurance agent based out of Atlanta Georgia. I have spent a lot of time helping people understand the ins and outs of insurance. In this blog post, I am going to explain the most common type of renters insurance available, and how to buy it!
What is Renters Insurance?
Renters Insurance is basically an insurance policy taken out by homeowners or renters in order to help protect someone else's property while it's not being used. There are two types of renters insurance: renter's property and renter's liability. Below we will explain the differences between these coverages in more detail.
Renters Property Insurance
This coverage protects the renter's personal property from damage or loss if they are not the primary renter. This can be a personal computer, stereo, television, or even furniture. It is important to note that renters property insurance will not cover household furnishings such as beds and mattresses.
Renter's Liability Insurance
This policy covers something called "loss-of-use" for your personal injury or property damage caused by someone else while you are renting your home. This coverage helps if for example (if you were renting a friend's house) someone breaks into your friend's house and steals their DVD player. This coverage would pay the damages to your friend's house for their broken player (even though it wasn't yours), and gives the renter of that house $10,000 of liability insurance to cover out-of-pocket expenses if they had to go to court for an injury caused by someone else.
How Much Is Renters Insurance?
Renters insurance can be a little confusing because there are so many options available. There are two main factors that can determine the price you pay: coverage and deductibles. Coverage is the amount of money you are paying per year for your renters insurance policy. Deductibles is how much you have to spend out of pocket before the policy pays for your damages.
The Different Levels of Insurance
Underwriters make money when people buy their renters insurance, so to make this process easier they have decided to classify the coverage options in different ways. There are three main levels of renters insurance: bronze, silver, and gold. The three different levels are rated based on the amount of coverage provided by each one. The lower the level number, the more coverage is provided for you. For example: if you buy a $500/month policy with a $2,000 deductible and it is rated at level two (silver) then your premium will be $39 per month ($500 x 12 months). Gold policies are usually more expensive than silver policies because they provide higher amounts of coverage. Gold policies are also rated in a different manner than silver policies. The higher the additional letters, the more coverage is provided to you for the same price as a silver policy.
How Do I Buy Renters Insurance?
When deciding which level of renters insurance is right for you, you need to figure out how much coverage you need and how much is deductible. These two factors will determine the cost of your coverage. To buy renters insurance, head on over to insure.com and start filling out the information. After you have entered in your information, the site will help you select a renters insurance policy that best suits your needs. You can also choose to call an agent (like myself at Your Money Matters) to help you with this process. If you are confused about something, I'm happy to help!
Things to Know About Renters Insurance
One of the most important things about renters insurance is knowing how long you can be covered for protection! Most renter's policies cover for up to 30 days after you move out of a place, while others only offer a few days. Some companies even have special agreements with their customers to continue coverage for a short time after moving out. Be sure to read the fine print about this when making your final decision about which company you want to buy your renters insurance from.
It is also important to note that you might have a different deductible for each of the areas covered by your policy: personal property, liability, and medical payments. These different deductibles can really add up! Check your policy to see which ones you have.
Questions? Comments? Concerns? What do you think about renters insurance? Let me know in the comments section below!
See other blog posts about Insurance on this site:
https://www.yourmoneymatters.com/category/insurance/ - Open Page to Find Insurance Articles and Blog Posts About Insurance!
https://www.yourmoneymatters.com/category/auto-insurance/ - Open Page to Find Articles About Auto Insurance and Coverage Options!
Purchasing Homeowners Insurance You Need from the Right Company
One of the most important things you should do when purchasing a homeowners insurance policy is to choose an affordable company. The best way to ensure that you buy from a great company is to research the different companies that offer homeowners insurance. Below some of the most important factors that will help you decide which company is right for you:
Company Reviews: You can find reviews on the sites that will be used by many people in order to learn about these companies. These are usually found in television, online articles, and even on social media sites like Facebook and Twitter.
Conclusion: After carefully reading the reviews that will can be found here, you can choose which company is right for you based on the companies’ policy offers.
Sensational Strategies to Save Money on Renters Insurance
How much renters insurance do I need when moving into a new place? If you are moving to a new home or apartment and have more than two personal belongings, then you may want to consider increasing your coverage. This article covers how much renters insurance you need in different situations:
Renter's Insurance Basics
While buying your first personal injury or property damage policy may seem like a big ordeal, it is important to know that this is not the case.